Bitcoin moved toward $85,000 as US stocks advanced following stronger-than-expected SpaceX earnings. Bitcoin crossed $84,000 after Wall Street opened on Wednesday. TradingView data showed BTC/USD rising nearly 2% during the day. Bitcoin reached $84,600 for the first time since Oct. 7.
SpaceX announced Q3 revenue of $14.6 billion after trading ended on Tuesday, exceeding expectations by nearly 15%. SpaceX's quarterly revenue increased 161% from a year earlier. SpaceX recorded net income of $4.4 billion for the quarter. Chief financial officer Bret Johnsen said leadership in launches, recurring Starlink revenue and substantial expansion of SI infrastructure continued to improve operating leverage.
US stocks began the session higher. The Nasdaq Composite Index rose 0.7% to 26,601 points before surrendering part of the advance. Tesla and Meta are due to release earnings after trading ends on Wednesday. South Korea's KOSPI Composite Index closed Wednesday at 5,735 points, an increase of 3.29%.
Truist Securities analysts suggested that SpaceX's results helped ease concerns about corporate expenditure on AI infrastructure. Those concerns resurfaced last week during a technology-stock sell-off that started in South Korea and spread across Asia and the United States. Truist said SpaceX's third-quarter 2026 results provided the earnings season's first evidence supporting the bullish outlook for AI cloud providers. Truist made that assessment despite concerns during the past week about financing for AI cloud providers.
Bitcoin began absorbing sell orders near $84,000. CoinGlass data showed total crypto short liquidations approaching $110 million over the past four hours. BTC/USD crossed above the four-hour chart's 200-period simple moving average at $83,878 for the first time since Oct. 14. Repeated equal highs formed between Oct. 11 and Oct. 14 strengthened resistance at $84,000.
Crypto trader and analyst Rekt Capital said on Wednesday that Bitcoin needed to close above $83,400 for the day to revisit the upper end of its local trading range. Rekt Capital warned that rejection at $83,400 would send Bitcoin below $82,500 again.
Bitcoin Rises Toward $85,000 Amid Strong SpaceX Q3 Earnings
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Summary
Bitcoin breaking news: Bitcoin rose toward $85,000 as US stocks climbed after SpaceX posted strong Q3 earnings. BTC/USD gained nearly 2% on the day, hitting $84,600 for the first time since Oct. 7. SpaceX reported Q3 revenue of $14.6 billion, up 161% year-over-year, with net income of $4.4 billion. Bitcoin news shows the asset is tracking broader market optimism.
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